TIDMTMT
RNS Number : 8185K
TMT Investments PLC
28 August 2012
28 August 2012
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half year report for the six months to 30 June 2012
EXECUTIVE DIRECTOR'S STATEMENT
In the first half of 2012, TMT Investments PLC ("TMT" or the
"Company") continued executing its strategy of identifying
promising investment opportunities in the Technology, Media and
Telecommunications ("TMT") sector.
During the period, the Company invested US$4.5 million across 6
companies. In May 2012, two of our portfolio companies had
revaluation events. The One Page Company Inc. raised new equity
capital, which triggered the conversion of TMT's convertible note
into The One Page Company's equity at a 20% discount to the share
price applicable to the equity fundraising and therefore resulted
in a 25% increase in the fair value of TMT's investment in the One
Page Company, Inc. Gild, Inc. also raised additional equity
capital, although at a discount to the equity valuation at which
TMT originally invested in December 2011. This resulted in a
notable reduction in the fair value of TMT's investment in Gild,
Inc.
On the corporate front, in June 2012 the Company restructured
its management team by appointing German Kaplun and Alexander
Morgulchik, who had previously been acting as Consultants to the
Company, as Head of Strategy and Head of Business Development
respectively. In addition, Artyom Inyutin was appointed as Head of
Investments. Since his appointment, Mr. Inyutin has acquired shares
in the Company representing 5.28% of the Company's issued equity
capital.
Since 30 June 2012, the Company has made three investments:
US$2.5 million in Backblaze, Inc., US$325,000 in Pipedrive, Inc.,
and US$250,000 in UsingMiles, Inc.
TMT has no outstanding debt and with approximately US$10 million
in cash reserves, the Company continues to be well placed to
capitalise on the investment opportunities available in the
software applications, digital media and internet sectors.
We look forward to updating our shareholders on the Company's
progress in the near future.
Alexander Selegenev
Executive Director
27 August 2012
TMT Investments Plc +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD and Broker
Marc Cramsie/Irina Lomova +44 20 7060 2220
Kinlan Communications Tel. +44 20 7638 3435
David Hothersall davidh@kinlan.net
Statements of Comprehensive Losses
For the For the
six months six months
ended 30/06/2012 ended
30/06/2011
Notes USD USD
Revenue 3 33,938 -
-------------------------------------------- ------ ------------------ ------------
Expenses
Administrative expenses 4 (484,125) (214,826)
-------------------------------------------- ------ ------------------ ------------
Operating loss (450,187) (214,826)
Net finance income 6 76,636 41,765
-------------------------------------------- ------ ------------------ ------------
Loss before taxation (373,551) (173,061)
Taxation 7 - -
-------------------------------------------- ------ ------------------ ------------
Loss attributable to equity
shareholders (373,551) (173,061)
Other comprehensive loss for
the year:
Change in fair value of available-for-sale
financial assets 9 (129,544) -
-------------------------------------------- ------ ------------------ ------------
Total comprehensive loss for
the period (503,095) (173,061)
-------------------------------------------- ------ ------------------ ------------
Loss per share
Basic loss per share (cents
per share) 8 (1.57) (0.87)
Diluted loss per share (cents
per share) 8 (1.57) (0.87)
-------------------------------------------- ------ ------------------ ------------
Statements of Financial Position
At 30 June At 31 December
2012, USD 2011, USD
Non-current assets Notes
Investments in equity
shares 9 8,689,233 5,944,459
Convertible notes receivable 9 3,183,356 1,392,252
------------------------------ ------ ----------- ---------------
Total non-current assets 11,872,589 7,336,711
Current assets
Trade and other receivables 10 89,449 49,510
Cash and cash equivalents 11 13,275,903 11,861,305
Total current assets 13,365,352 11,910,815
Total assets 25,237,941 19,247,526
Current liabilities
Trade and other payables 12 61,628 72,329
Total liabilities 61,628 72,329
------------------------------ ------ ----------- ---------------
Net assets 25,176,313 19,175,197
------------------------------ ------ ----------- ---------------
Equity
Share capital 13 26,136,248 19,636,247
Share-based payment reserve 14 4,210 8,420
Fair value reserve 9 (129,544) -
Retained losses (834,601) (469,470)
Total equity 25,176,313 19,175,197
------------------------------ ------ ----------- ---------------
Statements of Cash Flows
For the six For the
months ended six
30/06/2012, months
ended 30/06/2011,
Notes USD USD
----------------------------------- ----- ------------- ------------------
Operating activities
Operating loss (450,187) (214,826)
----------------------------------- ----- ------------- ------------------
Adjustments for:
Share-based payment charge 14 4,210 3,265
Amortized costs of convertible
notes receivable 20,335 -
----------------------------------- ----- ------------- ------------------
(425,642) (211,561)
----------------------------------- ----- ------------- ------------------
Changes in working capital:
Increase in trade and other
receivables (40,341) (18,671)
(Decrease)/increase in trade
and other payables (10,701) 20,709
----------------------------------- ----- ------------- ------------------
Net cash used by operating
activities (476,684) (209,523)
----------------------------------- ----- ------------- ------------------
Investing activities
Interest received 77,038 41,765
Purchase of investments in
equity shares 9 (2,875,757) -
Purchase of convertible notes
receivable 9 (1,810,000) (300,000)
----------------------------------- ----- ------------- ------------------
Net cash used by investing
activities (4,608,719) (258,235)
----------------------------------- ----- ------------- ------------------
Financing activities
Proceeds from issue of shares 13 6,500,001 -
----------------------------------- ----- ------------- ------------------
Net cash from financing activities 6,500,001 -
----------------------------------- ----- ------------- ------------------
Increase/(decrease) in cash
and cash equivalents 1,414,598 (467,758)
----------------------------------- ----- ------------- ------------------
Cash and cash equivalents
at the beginning of the period 11,861,305 19,648,821
----------------------------------- ----- ------------- ------------------
Cash and cash equivalents
at the end of the period 13,275,903 19,181,063
----------------------------------- ----- ------------- ------------------
Statements of Changes in Equity
Share capital Share-based payment Fair value reserve Retained losses Total equity
reserve
USD USD USD USD USD
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Balance at 1 January
2011 19,636,247 - - (26,879) 19,609,368
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Total comprehensive
loss for the period - - - (173,061) (173,061)
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Share-based payment
charge - 3,265 - - 3,265
Balance as at 30 June
2011 19,636,247 3,265 - (199,940) 19,439,572
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Balance at 1 January
2012 19,636,247 8,420 - (469,470) 19,175,197
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Total comprehensive
loss for the period - - (129,544) (373,551) (503,095)
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
Issue of shares 6,500,001 - - - 6,500,001
Share-based payment
charge - 4,210 - - 4,210
Transfer to retained
losses - (8,420) - 8,420 -
Balance at 30 June
2012 26,136,248 4,210 (129,544) (834,601) 25,176,313
----------------------- -------------- ----------------------- ------------------- ---------------- -------------
NOTES TO THE FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 30
JUNE 2012
1. Company information
TMT Investments Plc ("TMT" or the "Company") is a company
incorporated in Jersey with its registered office at Queensway
House, Hilgrove Street, St Helier, JE1 1ES, Channel Islands.
The Company was incorporated and registered on 30 September 2010
in Jersey under the Companies (Jersey) Law 1991 with registration
number 106628 under the name TMT Investments Limited. The Company
obtained consent from the Jersey Financial Services Commission
pursuant to the Control of Borrowing (Jersey) Order 1985 on 30
September 2010. On 1 December 2010 the Company re-registered as a
public company and changed its name to TMT Investments PLC.
TMT is listed on the AIM market of the London Stock
Exchange.
The memorandum and articles of association of the Company do not
restrict its activities and therefore it has unlimited legal
capacity. The Company's ability to implement its Investment Policy
and achieve its desired returns will be limited by its ability to
identify and acquire suitable investments. Suitable investment
opportunities may not always be readily available.
The Company will seek to make investments in any region of the
world.
The financial information relating to the six months ended 30
June 2012 is unaudited and does not constitute statutory accounts.
The comparative figures for the financial year ended 31 December
2011 are not the Company's statutory accounts for that financial
year. Statutory accounts for the year ended 31 December 2011 were
approved by the Board of Directors on 25 April 2012. The report of
the auditors on those accounts was unqualified, did not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and did not contain
any qualification.
These unaudited interim financial results were approved by the
Board of Directors on 27 August 2012 and are available on the
Company's website
http://www.tmtinvestments.com/investor-relations/financial-reports/.
2. Summary of significant accounting policies
2.1 Basis of presentation
The accounting policies applied by the Company in these
unaudited interim results are based on International Financial
Reporting Standards as adopted by the European Union, including IAS
34 'Interim Financial Reporting', and in accordance with the
accounting policies which the Company expects to adopt in its next
annual accounts for the year ending 31 December 2012 and are the
same as those applied by the Company in its financial statements
for the year ended 31 December 2011.
The Company's financial risk management objectives and policies
are consistent with that disclosed in the financial statements for
the year ended 31 December 2011.
For the purposes of IFRS 8 'Operating Segments' the Company
currently has one segment, being 'Investing in the TMT sector'. No
further operating segment financial information is therefore
disclosed.
2.2 Foreign currency translation
(a) Functional and presentational currency
Items included in the financial statements of the Company are
measured in United States Dollars ('US dollars', 'USD' or 'US$'),
which is the Company's functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into US$ using the
exchange rates prevailing at the dates of the transactions.
Exchange differences arising from the translation at the half year
end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the consolidated statement
of comprehensive income.
Conversation rates, USD
-----------------------------------------------
Currency Average
rate,
for six
months
ended
At 30/06/2012 30/06/2012
----------------- -------------- ------------
British pounds,
GBP 1.5708 1.6035
----------------- -------------- ------------
3 Revenue
For the six months ended 30/06/2012 For the six months ended 30/06/2011
USD USD
------------------------------------------ ------------------------------------ ------------------------------------
Gross interest income from convertible 54,273 -
notes receivable
------------------------------------------ ------------------------------------ ------------------------------------
Amortized costs of convertible notes (20,335) -
receivable
------------------------------------------ ------------------------------------ ------------------------------------
33,938 -
------------------------------------------ ------------------------------------ ------------------------------------
4 Administrative expenses
Administrative expenses include the following amounts:
For the six months ended 30/06/2012 For the six months ended 30/06/2011
USD USD
------------------------- ------------------------------------ ------------------------------------
Staff expenses (note 5) 243,933 98,510
Professional fees 157,768 95,723
Marketing expenses 36,610 -
Other expenses 28,021 2,624
Legal fees 5,245 -
Bank and LSE charges 8,454 5,817
Accounting fees 3,000 10,605
Currency exchange loss 1,094 1,547
------------------------- ------------------------------------ ------------------------------------
484,125 214,826
------------------------- ------------------------------------ ------------------------------------
5 Staff expenses
For the six months ended 30/06/2012 For the six months ended 30/06/2011
USD USD
-------------------------------------- ------------------------------------ ------------------------------------
Directors' fees 148,780 95,245
Wages and salaries 90,943 -
Share-based payment charge (note 14) 4,210 3,265
-------------------------------------- ------------------------------------ ------------------------------------
243,933 98,510
-------------------------------------- ------------------------------------ ------------------------------------
Wages and salaries shown above include salaries, bonuses and
share option charges relating to the six months ended 30 June.
These costs are included in administrative expenses.
On 6 December 2010, Alexander Selegenev, James Mullins, Petr
Lanin and on 6 June 2011, Yuri Mostovoy, entered into letters of
appointment with the Company whereby they agreed to provide
services to the Company in return for fixed fees. The Directors'
fees for six months ended 30 June 2012 and 2011 were as
follows:
For the six months ended 30/06/2012 For the six months
ended 30/06/2011
USD USD
--------------------- ------------------------------------ -------------------
Alexander Selegenev 69,569 58,288
Yuri Mostovoy 50,000 7,197
James Mullins 15,968 16,257
Petr Lanin 13,243 13,503
--------------------- ------------------------------------ -------------------
148,780 95,245
--------------------- ------------------------------------ -------------------
The Directors do not receive any pension contributions or other
benefits
6 Net finance income
For the six months ended 30/06/2012 For the six months ended 30/06/2011
USD USD
----------------- ------------------------------------ ------------------------------------
Interest income 76,636 41,765
76,636 41,765
----------------- ------------------------------------ ------------------------------------
7 Income tax expenses
For the six months ended 30/06/2012 For the six months ended 30/06/2011
USD USD
---------------------- ------------------------------------ ------------------------------------
Current taxes
Current year - -
---------------------- ------------------------------------ ------------------------------------
Deferred taxes
Deferred income taxes - -
---------------------- ------------------------------------ ------------------------------------
- -
---------------------- ------------------------------------ ------------------------------------
The Company is incorporated in Jersey. No tax reconciliation
note has been presented as the income tax rate for Jersey companies
is 0%.
8 Loss per share
The calculation of basic earnings per share is based upon the
net loss for six months ended 30 June 2012 attributable to the
ordinary shareholders of US$373,551 (for six months ended 30 June
2011: net loss of US$173,061) and the weighted average number of
ordinary shares outstanding calculated as follows:
Loss per share For the six months ended 30/06/2012 For the six months ended 30/06/2011
------------------------------------------ ------------------------------------ ------------------------------------
Basic loss per share (cents per share) (1.57) (0.87)
Diluted loss per share (cents per share) (1.57) (0.87)
Net loss and total comprehensive loss for
the period, USD (373,551) (173,061)
------------------------------------------ ------------------------------------ ------------------------------------
The weighted average number of ordinary shares outstanding
before and after adjustment for the effects of all dilutive
potential ordinary shares calculated as follows:
(in number of shares weighted during the period For the six months ended 30/06/2012 For the six months
outstanding) ended 30/06/2011
----------------------------------------------------------- ------------------------------------ -------------------
Weighted average number of shares in issue
Ordinary shares 23,852,044 20,000,002
23,852,044 20,000,002
----------------------------------------------------------- ------------------------------------ -------------------
Effect of dilutive potential ordinary shares
Share options 24,099 -
----------------------------------------------------------- ------------------------------------ -------------------
Weighted average of shares for the period (fully diluted) 23,876,143 20,000,002
----------------------------------------------------------- ------------------------------------ -------------------
9 Non-current financial assets
At 30 June 2012 At 31 December 2011
USD USD
----------------------------------- ---------------- --------------------
Investments in equity shares (i)
- unlisted shares 8,689,233 5,944,459
Convertible notes receivable (ii)
- promissory notes 3,183,356 1,392,252
----------------------------------- ---------------- --------------------
11,872,589 7,336,711
----------------------------------- ---------------- --------------------
(i) The Company's unlisted investments as at 30 June 2012 were
as follows:
Investee Date of Total cost Additions Amount of Changes in Total cost Proportion
company investment of to net capitalized value of of of equity
investment investment consulting investment, investment shares held
at 1 Jan during the and legal USD at 30 June at period
2012, period, services, 2012, end,%
USD USD USD USD
--------------- -------------- ------------- ------------ ------------ ------------- ------------- ------------
DepositPhotos 26/07/2011 911,988 2,107,496 - - 3,019,484 30.00
RollApp 19/08/2011 360,000 - - - 360,000 9.70
Berryman/
Creat 30/08/2011 1,000,000 - - - 1,000,000 20.00
Unicell 15/09/2011 2,982,471 - - - 2,982,471 10.00
Wanelo 21/11/2011 355,000 - - - 355,000 6.53
Gild 05/12/2011 335,000 - 1,260 (179,350) 156,910 2.21
1-Page 06/02/2012 - 242,500 13,062 49,806 305,368 6.09
ThusFresh/
Undrip 26/03/2012 - 485,000 25,000 - 510,000 7.71
Total 5,944,459 2,834,996 39,322 (129,544) 8,689,233
------------------------------- ------------- ------------ ------------ ------------- ------------- ------------
(ii) The Company's other investments as at 30 June 2012 were as
follows:
Investee Date of Amortised Additions Amount of Amount of Amortized Interest
company investment cost of to net capitalized amortized amount of rate,%
investment investment consulting costs, investment,
as at 1 Jan during the and legal USD USD
2012, period, services,
USD USD USD
---------------- -------------- ------------ ------------ ------------ ------------- ------------ -------------
Ninua 08/06/2011 303,119 - - (1,662) 301,457 5.00
PeekYou 03/11/2011 130,400 - - (3,989) 126,411 5.00
Tracks 24/11/2011 454,062 - - (4,612) 449,450 5.00
Socialize 19/12/2011 504,671 - - (4,986) 499,685 6.00
Todoroo/Astrid 12/04/2012 - 400,000 - - 400,000 8.00
Hotlist 18/04/2012 - 388,000 17,000 (3,400) 401,600 6.00
Wrike 12/06/2012 - 1,000,000 5,000 (247) 1,004,753 8.00
---------------- -------------- ------------ ------------ ------------ ------------- ------------ -------------
Total 1,392,252 1,788,000 22,000 (18,896) 3,183,356
-------------------------------- ------------ ------------ ------------ ------------- ------------ -------------
Reconciliation of fair value measurements of non-current
financial assets:
31 December 2011
Available-for-sale Total
---------------------------- ----------------------- ----------
Unlisted Promissory
shares notes
USD USD USD
---------------------------- ---------- ----------- ----------
Opening balance - - -
Purchases 5,944,459 1,392,252 7,336,711
Closing balance 5,944,459 1,392,252 7,336,711
---------------------------- ---------- ----------- ----------
30 June 2012
Available-for-sale Total
------------------------------------------- ----------------------- -----------
Unlisted Promissory
shares notes
USD USD USD
------------------------------------------- ---------- ----------- -----------
Opening balance 5,944,459 1,392,252 7,336,711
Total gains or losses:
- in profit or loss (1,439) (18,896) (20,335)
- in other comprehensive income (129,544) - (129,544)
Purchases 2,875,757 1,810,000 4,685,757
Closing balance 8,689,233 3,183,356 11,872,589
------------------------------------------- ---------- ----------- -----------
Available-for-sale investments are carried at fair values. Where
financial assets do not have a quoted market price in an active
market and their fair values cannot be reliably measured they are
measured at cost less any identified impairment losses at the end
of reporting period, in accordance with IAS 39 para 46 (c)
exemption.
Where there has been a relevant transaction during the year that
gives an indication of the fair value of the unlisted shares, the
shares are included at that fair value and the increase or decrease
in fair value is recognised in the fair value reserve.
The "price of recent investment" methodology is used mainly for
investments in venture capital companies and includes cost of
investment or valuation by reference to a subsequent financing
round. Valuation increases above cost are only recognised if that
round involved a new external investor and the company is meeting
milestones set by investor.
The loss arising from a change in the fair value of unlisted
shares for the six month ended 30 June 2012 was US$129,544.
10 Trade and other receivables
At 30 June 2012 At 31 December 2011
USD USD
----------------------------------------- ---------------- --------------------
Prepayments 10,475 24,406
Interest receivable on promissory notes 66,891 12,618
Interest receivable on deposit 12,083 12,486
----------------------------------------- ---------------- --------------------
89,449 49,510
----------------------------------------- ---------------- --------------------
11 Cash and cash equivalents
The cash and cash equivalents as at 30 June 2012 include cash on
hand and in banks, deposits, net of outstanding bank overdrafts.
The effective interest rate at 30 June 2012 was 0.13%. In March
2011 the Directors approved depositing US$10,000,000 with Investec
Bank Plc in London with interest of 1.45% per year.
Cash and cash equivalents at the end of the reporting period as
shown in the statement of cash flows can be reconciled to the
related items in the statement of financial position as
follows:
At 30 June 2012 At 31 December 2011
USD USD
--------------- ---------------- --------------------
Deposits 10,000,000 10,000,000
Bank balances 3,275,903 1,861,305
--------------- ---------------- --------------------
13,275,903 11,861,305
--------------- ---------------- --------------------
12 Trade and other payables
At 30 June 2012 At 31 December 2011
USD USD
--------------------------- ---------------- --------------------
Directors' fees payable 24,289 37,978
Trade payables 23,054 10,650
Other current liabilities 14,285 16,383
Accrued expenses - 7,318
--------------------------- ---------------- --------------------
61,628 72,329
--------------------------- ---------------- --------------------
13 Share capital
On 30 June 2012 the Company had an authorised share capital of
unlimited shares of no par value and had issued share capital
of:
As at 30 As at 31 December 2011
June 2012
USD USD
-------------------------------------- ----------- -----------------------
Share capital 26,136,248 19,636,247
Issued capital comprises:
Number of fully paid ordinary shares 24,642,860 20,000,002
-------------------------------------- ----------- -----------------------
On 6 February 2012, the Company allotted 4,642,858 new ordinary
shares of no par value each in the Company at a price of US$1.4 per
share, being a premium of 12% over the closing price of the
Company's shares on 3 February 2012 and raising US$6.5 million.
14 Share-based payment charge
On 27 April 2011, on the recommendation of the independent
directors, the Company granted share options to subscribe for up to
100,000 ordinary shares to Mr. Alexander Selegenev, an executive
director of the Company.
The terms and conditions of the options granted are as
follows:
Options granted to Alexander Selegenev
---------------------------------------------------------------------- ---------------------------------------
Date granted 1 January 2011
Number of instruments 100,000
Vesting period 1-3 years
Expiry dates (1)
Exercise price US$1.00
Share-based compensation (USD) for the six months ended 30 June 2011 3,265
Share-based compensation (USD) for the six months ended 30 June 2012 4,210
---------------------------------------------------------------------- ---------------------------------------
Options granted to Mr. Alexander Selegenev vest as follows:
No. of ordinary shares Exercise Price Exercise Period
----------------------- --------------- -------------------
33,333 US$1 31/12/11-30/01/12*
33,333 US$1 31/12/12-30/01/13*
33,334 US$1 31/12/13-30/01/14*
----------------------- --------------- -------------------
* or a period of 30 days starting from the date on which certain
circumstances preventing exercise during these periods have
ended.
These options are exercisable by Mr. Alexander Selegenev only
while he remains a director and will lapse on the termination of
his appointment.
None of the options that vested to Mr. Selegenev in the year
ended 31 December 2011 were exercised and therefore lapsed.
The weighted average exercise price and contractual life is as
stated in the above tables.
The fair value of services received in return for share options
granted is based on the fair value of share options and warrants
granted, measured using the Black-Scholes formula, using the
following assumptions:
(in USD, except for number of shares and per cent) Options granted to
Alexander Selegenev
---------------------------------------------------- ---------------------
Share price at grant date 1.03
Exercise price 1
Expected volatility, per cent 7.56%
Option life, years 1-3
Expected dividends, per cent 0
Risk free interest rate, per cent 3.14%
---------------------------------------------------- ---------------------
Expected volatility is estimated by considering the Company's
data on AIM.
15 Subsequent events
On 24 July 2012, the Company completed an investment in
Backblaze, Inc. ("Backblaze"). Incorporated in Delaware in 2007,
Backblaze provides individuals and corporate customers with online
data backup solutions. TMT has acquired 295,598 newly issued
preferred shares, 7,478 existing preferred shares and 288,120
existing common shares, collectively representing 9.86% of
Backblaze's fully diluted equity capital, for an aggregate
consideration of US$2,500,759. In addition, TMT has agreed to
acquire, on the first anniversary of the transaction, such number
of newly issued and existing shares in Backblaze as will bring
TMT's fully diluted equity stake in Backblaze to a minimum of
13.33% and a maximum of 19.05%, dependent on Backblaze's
performance, for an additional aggregate consideration of
US$2,500,759.
On 30 July 2012, the Company completed an investment in
Pipedrive, Inc. ("Pipedrive"). Incorporated in Delaware, Pipedrive
has developed a simple-to-use but powerful online sales management
tool aimed at businesspeople who want to actively drive their sales
process and spend less time on administration. TMT's investment
consists of a US$325,000 unsecured convertible promissory note in
Pipedrive.
On 23 August 2012, the Company completed an investment in
UsingMiles Inc. ("UsingMiles"). Incorporated in Delaware,
UsingMiles helps its members keep track of when their miles or
rewards expire, alerts them to special promotional programmes
available and helps them find efficient ways to spend their rewards
through a "one stop" easily accessible service. As part of a series
A equity financing round, TMT has acquired 1,093,614 preferred
shares in UsingMiles for an aggregate consideration of US$250,000.
Assuming the series A equity round is fully subscribed, TMT's fully
diluted equity stake in the company will be 3.00%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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